Escalating Education: DAY 1 FINANCIAL CRISIS

Hey friends and comrades!
Hope you got to join us for the first Escalating Education rally at the Quarry Plaza today, but if not, here’s the recap:

At about noon, the drumbeats began and the megaphone started sounding. Over thirty people gathered in the center of the plaza sitting on blankets and passing around snacks. We had old friends and new faces that had come to break down the boundaries of formal education and participate in a more open-ended exchange of ideas and experiences.

We began with some slam poetry from our friends at Kinetic Poetics, Jeremy reminded us about this society’s fierce and furious demand to consume and Alec spit a piece that brought us all back to the mobilization on March 4, 2010.

           

After that, Jeremy, Alec and Rio provided a time line of our recent financial crisis. In doing this they tried to position it within a larger pattern of capitalist crises, help us understand the mounting student loan bubble, and situate our own personal experiences into this unraveling catastrophe.

We discussed mortgages, adjustable rate loans, predatory lending, CDOs, and other terms, trying to demystify the jargon and recapture an understanding of the concept. In reality, our mounting student loan crisis is not so different from the housing bubble, so it really suits us to understand its causes and chronology.

  

After the explanation, we opened up the floor and people shared personal experiences that related to the crisis. In expressing our stories, we brought a face to the terror brought on by risky investors, careless institutions, and a culture of excess. We talked specifically about predatory lending in Watsonville, family expereinces with foreclosures and the sadness and constrictions that student debt can result in.

Leo then wrapped up the discussion by tying the whole crisis back into the UC system. We can’t forget that some of our regents were the bank CEOs and risky investors that helped continue this catastrophe. In fact, one Regent, Russell Gould lost much of our UC money in risky investments. Yet, a few years later he was put in charge of the UC Commission on the Future. Is that who we want commissioning our future.

As always, we finished up our rally with some drums, some chanting, and a strong unity clap. We’ll see you all out in Quarry Plaza everyday this week at noon. Its time to escalate our education!

-R

For helpful explanation of the financial crisis check out this link:

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About UCSC Critical Race and Ethnic Studies (CRES)

This blog is maintained by students throughout UCSC. We recognize that students have been working around Ethnic Studies for multiple decades and at many levels of the university. We claim no ownership over any movement or material that is produced. We ask that any materiel used from the blog is cited and used for only educational purposes. Most importantly that it is done with honor and respect for the many people who worked in the struggle for Ethnic Studies. We would also like to point out that the name Critical Race and Ethnic Studies (CRES) was created to acknowledge the intellectual development of Ethnic Studies since the beginning of this struggle. The name came from countless meetings and hours with many different undergrads, graduate students, and faculty.
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